Circle just announced that its stablecoins, USDC and EURC, are now compliant with the EU’s Markets in Crypto Assets, the MiCA regulation.
This compliance allows Circle to issue these stablecoins to European customers directly.
Law abiding issuer
On Monday, Circle revealed that its dollar-backed stablecoin USDC and euro-backed stablecoin EURC are now available under the European Union’s Markets in Crypto Assets, the MiCA regulation, after it went live in July 1.
This legislation marks a huge milestone for the cryptocurrency market, and for some, a serious obstacle.
Circle CEO Jeremy Allaire shared the news on social media, stating that Circle is the first global stablecoin issuer to comply with MiCA, with both USDC and EURC now available to European customers as of July 1st.
Business as usual
The MiCA regulation, finalized nearly two years ago and approved by the EU Parliament last year, sets pretty detailed guidelines for stablecoins and the digital asset markets in general.
Circle explained that all USDC and EURC currently in circulation in Europe are officially MiCA compliant, and fully backed, with Circle holding 100% of EURC reserves under their regulated Circle France entity.
European users can continue to trade, transact, self-custody, and use these stablecoins in decentralized finance without any visible changes.
The company highlighted that most European users interacting with USDC or EURC via exchanges or crypto asset service providers won’t experience any immediate changes.
Circle’s new issuance and redemption processes for USDC and EURC are managed through Circle Mint France, another subsidiary.
New headquarter
The company also announced its authorization as an official E-Money Issuer by the Autorité de Contrôle Prudentiel et de Résolution, the supervisory authority for banking and insurance in France.
Circle highlighted France’s pioneering role in crypto regulation, noting that the country now serves as its European headquarters.
